Greek Monopoly as Designed by the IMF and World Bank
http://www.economicpolicyjournal.com/2013/03/greek-monopoly-as-designed-by-imf-and.html
150,000 Greek Public Sector Job Cuts Pending As Greece Launches Another Grexit “Plan B” Movement
"Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing. Identifying redundant positions and putting in place a system that will lead to mandatory exits for about 150,000 civil servants by 2015 is a so-called milestone that will determine whether the country gets a 2.8 billion-euro ($3.6 billion) aid installment due this month. More than a week of talks on that has so far failed to clinch an agreement." Continue reading →
New anti-euro party forms in Germany
"A new party in favour of returning to the Deutsche Mark is taking shape in Germany, hoping to attract voters disillusioned by the political establishment. The new 'Alternative for Germany' party is hoping to capitalise on a growing resentment about the euro-crisis and what Germans perceive as costly bailouts for profligate southern countries. Backed by Hans-Olaf Henkel, a prominent eurosceptic and former head of the German Industry Federation (BDI), the new party is expected to have its official launch on 14 April in Berlin. A survey published Monday by TNS-Emnid showed that 26 percent of Germans would consider backing a party that campaigns for getting rid of the euro." Continue reading →
Greece’s Futile Austerity
"The Greek situation is beyond wretched. Top earners are being pursued by helicopters and spied on by satellites over non-payment of taxes; there are regular riots in the streets and, as in Argentina a decade ago, middle-class people have been reduced in some cases to picking through garbage bins to survive. The suffering has been needless. The result is not going to be of benefit to anyone except perhaps some of Europe's largest banks, and they are getting plenty of help already. There is little money in Greece but there is plenty of anger. And Prime Minister Samaras, taking note of it, announces there will be no further austerity measures." Continue reading →
Japanese Solution for Collapsing Portugal?
"The Portuguese population is getting older as it shrinks. The presumptive obligations of the Portuguese government to take care of its aging population will be increasingly tested within the current environment. Spain, Greece, Ireland, Portugal – gradually and in various ways the Southern half of Europe is collapsing into varying stages of violence and apathy. But if the Portuguese solution takes hold, then the damage that has been done in the past five years may extend a generation or more. Europe may gain a euro but it will lose decades of vitality and innovation as its younger generations emigrate to more hospitable regions." Continue reading →
Made Poor by the Crisis: Millions of Europeans Require Red Cross Food Aid
"Needy families and individuals in the European Union are becoming increasingly reliant on charity organizations like the Red Cross for basic needs like food, water and shelter. Two-thirds of national Red Cross societies within the European Union have begun distributing food aid, according to the head of the aid groups' international organization -- a sign that the economic crisis in Europe is having an alarming effect on poverty. Yves Daccord, Director-General of the International Committee of the Red Cross, said on a visit to New Delhi on Monday that the scope of food distribution had not been at its current level since the end of World War II." Continue reading →
Banks Saved, but Europe Risks ‘Losing a Generation’
"Europe has spent hundreds of billions of euros rescuing its banks but may have lost an entire generation of young people in the process, the president of the European Parliament said. But little has been done to tackle the devastating social impact of the crisis, with more than 26 million people unemployed across the EU, including one in every two young people in Greece, Spain and parts of Italy and Portugal. That crippling level of unemployment has led to protests and outbreaks of violence across southern Europe, raising the threat of full-scale social breakdown, including rising crime and anti-immigrant attacks that can further rattle unstable governments." Continue reading →
Bank of England Says Government Should Split Up RBS, Accept Loss
"Bank of England Governor Mervyn King urged the government to split up Royal Bank of Scotland Group Plc (RBS) and speed up the return of Britain’s biggest publicly owned lender to private ownership following its bailout in 2008. 'We’re four and half years on and there’s no sign of it going back to the private sector,' King told the Parliamentary Commission on Banking Standards at a hearing in London today. 'That indicates we’ve not been sufficiently decisive in recapitalizing or restructuring it.' RBS has been criticized by lawmakers for failing to boost lending to the economy, even though the taxpayer owns more than 80 percent of the lender." Continue reading →
Italian Elections: Europe’s Lost Generation Finds Its Voice
"They are the latest example of an uprising of the lost generation, that mass of people on Europe's periphery who are under the age of 40, desperate, unemployed and who have very little left to lose. The public outrage in Europe came to a boil in tent camps in Madrid's Puerta del Sol. It inspired the Occupy Wall Street activists. And it continued in Greece, where youth unemployment has reached 59.4 percent, and where there are no jobs and no economic recovery. In the eyes of many, the power of the politicians only serves their own interests." Continue reading →
Hundreds of thousands march against austerity in Portugal
"Hundreds of thousands of people took to the streets of Lisbon and other Portuguese cities Saturday to protest against the government's austerity measures. The rallies were organised by a non-political movement which claimed 500,000 marched in the country's capital and another 400,000 in the main northern city of Porto. But the mood of the crowd was clearly political, calling for new elections with banners declaring 'Portugal to the polls!' and 'If you fall asleep in a democracy, you wake up in a dictatorship'. Another banner showed a picture of centre-right Prime Minister Pedro Passos Coelho with the caption: 'Today I am in the street, tomorrow it will be you.'" Continue reading →
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